Jim Blasingame

Business futurist, award-winning author, speaker and columnist

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Archives for April 2019

It is possible to succeed yourself right out of business

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This is another offering in my ongoing series on understanding the fundamentals of business as we become better business managers. Remember, fundamentals are like natural laws: they don’t change; they’re the same for everyone, and you can’t succeed without understanding and respecting them. The fundamentals today are all about funding growth.

Consider the following scenario that plays out on Main Street every day:

“Finally, my business is growing,” a small business owner confides to his friend, “but why is it creating so much negative cash?” And then, with that deer-in-the-headlights look, he completes his report, “I thought by now, with increased sales, cash would be the least of my worries. I used to be afraid I couldn’t grow my business; now I’m worried it will collapse from growth.”

This entrepreneur’s lament is one of the great ironies of the marketplace: a small business in danger of succeeding itself right out of business.

Beware Blasingame’s 2nd Law of Small Business: It’s redundant to say, “undercapitalized small business.” This maxim is especially true for fast-growing companies because revenue growth depletes cash in two dramatic but predictable ways.

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Cloud computing is awesome. But not always.

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In aviation, being “in the clouds” is a universal flight condition referring to a pilot’s inability to see the ground.

It’s also a common lament of parents about the troubling coordinates of a teenager’s head, which might seem to be “in the clouds.”

In the 21st century, “in the cloud” is a reference that has established itself in the marketplace vernacular as the interaction and delivery point between providers of “cloud-based” digital applications and customers.

Cloud computing is the availability of incremental processing power that resides on an application provider’s servers, instead of your hard drive. For example, community-building technology, like social media platforms. When you post something on Facebook, you’re in the cloud. When you conduct online banking, sell a stock, or hail an Uber from your smartphone, you’re doing that in the cloud. If you use Google’s G Suite of office products, or Microsoft Office 365, all are cloud-based.

No question, cloud computing is another example of technology increasing business efficiencies and leverage. And for small businesses, it’s been a godsend, because it not only gives us access to Big Business-like leverage, it’s also offered at an incremental price that fits our diminutive budgets.

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Shocking confessions of a legendary actor and the world’s greatest salesman

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After a lifetime on stage and screen, the legendary English actor, Sir Laurence Olivier, once admitted that he had always suffered from stage fright.

Imagine that. One of the 20th century’s most revered actors, appearing in over 120 stage roles, 60 movies, more than 15 television productions, and countless performances, actually battled the fear of rejection and failure. But when you look at the numbers of his body of work, it’s obvious that Sir Laurence didn’t let his “condition” cost him success.

And now, after a sales career that has spanned more than a half-century, a legendary salesman named Blasingame reveals that he’s suffered from the marketplace equivalent of stage fright – call reluctance – his entire career.

Imagine that. Having conducted literally thousands of sales calls on multiple continents, in front of decision-makers from the towering C-Suites of Fortune 100 CEOs to bell-over-the-door Main Street mom-and-pops, perhaps the greatest professional salesperson of all time struggles with…making first contact. But when you look at the numbers of his body of work, it’s obvious that the man known as JB to colleagues and “The Force” to competitors, didn’t allow his “condition” to cost him success.

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The quest for the essence of entrepreneurial risk-taking

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Ever wonder what’s behind an entrepreneur’s decision to take a risk? There is a spectrum for this, with the calculation and reasoning of due diligence on one end, foolhardy on the other, and a variable called faith that lives in the middle.

We’ve all heard stories about the legendary entrepreneur’s hunch. But without some foundation of facts and reasoned assumptions supporting a financial projection, a hunch is the equivalent of a belt without loops. And we all know what you call trying to hold up pants with a belt that’s not connected to anything – foolhardy.

Still, that foundation you seek is challenged by the truth that most important decisions come packaged with their own urgency. The time will come – usually sooner than later – when an entrepreneur must take action without the benefit of all the answers; when the fog hasn’t yet lifted on your quest for clarity. And in that moment of not knowing, but going forward anyway, we find the quark of entrepreneurship, identified by the paradoxical twin emotions of apprehension and exhilaration.

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